The SUI price has seen a decent market performance over the past day. This token’s price went up by 6.38%, and its trading volume also increased by 17.50%, which means people are buying it. At press time, it is trading at $1.16.
Crypto analyst “CryptoJobs3″ made a bold SUI price forecast on X (formerly Twitter). The trader indicated that SUI could reach $1.50 due to a catalyst: Circle’s announcement of native USDC on the SUI blockchain. This prediction aligns with SUI’s strong breakout from several key technical patterns observed on its charts.
SUI Chart Analysis: Bullish Breakout from a Key Pattern
According to a 4-hour chart on September 12 that the analyst posted, SUI’s price has broken out from a descending broadening wedge pattern, signaling a bullish trend reversal.
Image Source: X/CryptoJobs
The wedge breakout has propelled SUI upward, clearing the $1.0315 resistance level, which was a significant hurdle for the token. This breakout is backed by strong volume, further reinforcing the ongoing bullish momentum.
Looking at the daily chart, the next target is set at $1.17, with additional upside potential toward $1.3180. If SUI maintains its upward trajectory, it could eventually approach the trader’s projected target of $1,500.
Image source: X/CryptoJobs
Moreover, this upward movement is supported by a steady volume increase and strong market sentiment, likely fueled by the recent fundamental developments surrounding USDC.
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Show more +Show less – Short-Term Resistance and Support Levels
The shorter 4-hour chart shows a similar story, with SUI’s price breaking from a falling wedge pattern. The immediate resistance at $1.0315 has been tested and breached, and the price now aims for the $1.1635 level.
Image Source: X/CryptoJobs
However, there could be brief pullbacks or consolidations, as seen in previous price action, which may allow buyers to re-enter the market before the next upward leg.
The support levels around $0.9769 and $0.9577 are visible on the 4-hour chart. If SUI faces short-term selling pressure, these areas could act as safety nets, preventing further declines and facilitating accumulation before the next bullish rally.
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SUI Price Prediction at $1.5
A speculative price retracement is anticipated based on the charts. The projection suggests that the SUI price could temporarily dip to $0.9577 before bouncing back to resume its climb. Such retracements are considered healthy in an uptrend, allowing traders to strengthen their positions.
Finally, after this potential pullback, SUI is expected to continue climbing, with the next major resistance at $1.3180. If this level is surpassed, the token could approach the much talked about $1.500 mark, a price target CryptoJobs echoed in his tweet.
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The post This Crypto Trader Makes a Bold SUI Price Prediction – Is $1.5 Next? appeared first on CaptainAltcoin.
